What is Artificial Conversational Entity Market?
Artificial Conversational Entity, also known as a Virtual Assistant, is a computer program that conducts a conversation via voice or textual methods designed to simulate an intelligent conversation with one or more human users via auditory or textual methods, primarily for engaging in small talk. It is primarily used to fill chat rooms with spam and advertising or to entice people into revealing personal information, such as bank account numbers.
Highlights from Artificial Conversational Entity Market Study
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Artificial Solutions (Sweden), Creative Virtual Pvt. Ltd. (United States), EGain Corporation (United States), IBM Corporation (United States), Inbenta (United States), Next IT Corporation (United States), Nuance Communications, Inc. (United States) and Reliance Jio (India) |
The companies are exploring the market by adopting expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions across the globe to gain a competitive advantage through combined collaborations. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Artificial Conversational Entity market throughout the forecasted period.
Artificial Solutions (Sweden), Creative Virtual Pvt. Ltd. (United States), EGain Corporation (United States), IBM Corporation (United States), Inbenta (United States), Next IT Corporation (United States), Nuance Communications, Inc. (United States) and Reliance Jio (India) are some of the key players profiled in the study. Artificial Conversational Entity Market Segmentation:
Scope | Sub-Segments |
---|
Application / End User | Website, Mobile Platform, Social Media and Others. |
Type | Software and Service |
Vertical | Retail,BFSI,Healthcare,Media and Entertainment,Others. |
Enterprise Size | Small and Medium Enterprise,Large Enterprise |
On the basis of geography, the market of Artificial Conversational Entity has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Use of Artificial Conversational Entity for Product Promotion and Increased Penetration of the Internet
Market Growth Drivers:
High Benefits such as Improved Customer Service and Increased Customer Engagement and Increased Number of Smartphone and Laptop Users
Challenges:
Lack of IT Professionals
Restraints:
Technological Complexities Associated with Artificial Conversational Entity
Opportunities:
Growing Demand from End-users and Increased Adoption of Artificial Intelligence
Key Target Audience
Artificial Conversational Entity Providers, Emerging Companies, Research Professionals and End-users
Market Leaders & Development Strategies
In August 2022, Reliance Jio acquired Haptik for around 200 crore rupees. Haptik is one of the largest Artificial Conversational platform. This acquisition helped Reliance Jio to expand its position in artificial conversational entity market
In January 2019, Artificial Solutions Holding ASH AB entered in takeover agreement with Indentive AB. this agreement helped Artificial Solutions to get listed on Sweden's leading multilateral trading facility for growth companies. This strategic move helped artificial solutions to expand its presence in artificial conversational entity market